Vast Resources PLC (LON:VAST) has raised £855,000 through a placing of 3bn shares at 0.285p a share, compared to last night's closing mid-market price of 0.3p.
The Romania and Zimbabwe-focused mining group said the purpose of the placing was to provide additional working capital following the termination of the equity subscription agreement with Crede CG III Ltd.
The group said that the new funding now gives it flexibility and the required time to “review a number of alternate financing scenarios”.
It said its key focus was keeping further shareholder dilution to a minimum.
"We are pleased to see a number of strong and loyal shareholders supporting the company and welcome new shareholders in the placing,” said chief executive Roy Pitchford.
“Despite excellent progress from an operational standpoint and production now in place in two countries, the Vast share price has come under significant pressure.”
He said the placing now gives the board the opportunity to explore “alternate and less dilutive financing scenarios”.